CFTC Commissioner Calls for Common Standards for Crypto Industry
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), advocated last fall the transfer of powers to regulate stablecoins to the Commodity Futures Trading Commission (CFTC). At the same time, other digital currencies should be controlled by his department.
However, no decision has yet be made on this issue and discussions are still ongoing.
According to CFTC Commissioner Caroline Pham, the global community should develop common standards to regulate the digital currency market. These parameters will be able to guide the states that create their own regulatory framework for the blockchain industry.
She claims that the absence of such standards creates big problems and forces each state to follow its own separate path. For example, the United States uses securities laws in relation to tokens.
